Indian Rupee Hits Record Low Amid Rising Oil Prices
INR stays pressured amid elevated international oil prices
Business Standard
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The Indian rupee (INR) has fallen to record low levels, opening at 95.74 per dollar and hitting a low of 95.79 on Thursday. This decline is attributed to elevated international oil prices and geopolitical concerns in West Asia, making INR the worst-performing currency in Asia this year with a 6% loss.
- 01The INR opened at 95.74 per dollar and reached a low of 95.79.
- 02It hit an all-time low of 95.80 yesterday.
- 03The rupee has lost over 6% of its value this year.
- 04Elevated crude oil prices and geopolitical tensions are impacting investor sentiment.
- 05India's consumer price inflation rose to 3.48% in April.
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The Indian rupee (INR) has faced significant pressure, opening at 95.74 per dollar and reaching a low of 95.79 during Thursday's trading. This follows a record low of 95.80 against the US dollar yesterday, driven by rising international oil prices and geopolitical tensions in West Asia. The rupee has now become the worst-performing currency in Asia for the year, with a decline of over 6%. Despite the Indian government's attempt to stabilize the currency by increasing import duties on gold and silver to 15%, these measures have not provided significant relief. Additionally, India's consumer price inflation has risen for the sixth consecutive month, reaching 3.48% in April, with food inflation climbing to 4.2% from 3.87% in March, according to the Ministry of Statistics and Program Implementation.
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The depreciation of the rupee may lead to increased costs for imports, affecting prices of essential goods and services, especially those linked to oil. This could result in higher inflation rates for consumers.
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